The Dow surged today hitting a new intraday high at 21,580 before settling for a gain of 123 points and closing at a new high of 21,532.
Yesterday, some of the trading had to do with the uncertainty over the upcoming news from the Fed. Chase CEO Jamie Dimon expressed concern that the Fed’s plan to unwind their bond-buying program could be “more disruptive than people think”, mainly because “we act like we know exactly how it’s going to happen, and we don’t”. Today, Fed Chair Janet Yellen testified to Congress, and based on market results, gave the people what they wanted to hear. She stated that the Fed’s plan will be a slow measured approach that will be data driven, which gave investors reason to be confident today. In other Gubment news, the latest version of Replace and Repeal is supposed to be released tomorrow. President Trump continues to put pressure on Congress to pass an improved health care bill saying that he is in the Oval Office “with a pen in hand”.
Tech giants Google, Microsoft, and Amazon were in the news today. Google received good news when won their $1.3B tax court case in France. Amazon reported largest “Prime Day” ever, and informed investors that sales were 60 percent higher than last year. Microsoft announced that they’ll be getting more serious as it relates to artificial intelligence as they will be bringing more than 100 experts together to advance the technology.